Global Risk Partners CEO Mike Bruce bullish on growth post Searchlight deal completion

Global private investment house Searchlight Capital Partners has completed its  acquisition of a majority stake in independent insurance intermediary Global Risk Partners (GRP) with Mike Bruce becoming group chief executive of the broker.

Bruce is bullish on GRP’s next phase of growth as he claims its acquisition pipeline remains "strong and undisturbed" by the recent COVID-19 challenges.

Following the deal, Andy Homer has become non-executive chairman of the group, in addition to his long-standing role chairing the board of the retail division.

Founders Peter Cullum CBE and David Margrett and founding investor Penta Capital will all retain minority stakes, alongside the broader management team. Margrett will act as non-executive chairman and Cullum will be a non-executive director of the group holding company.

“This is an important milestone for GRP, and we are delighted to announce today’s completion. Searchlight is the right partner to support the Group on the next stage of its journey and we look forward to working closely with them as GRP continues to grow," said Cullum and Margrett. “We are also pleased to confirm Mike Bruce’s appointment as CEO, and are confident that he has the experience, skillset and market relationships to drive the business forward at pace and deliver against GRP’s ambitions to further capitalise on the significant market opportunity ahead."

“To achieve what we have done from a standing start is a great testament to the quality of the team we have built, the 59 businesses we have acquired, and our ability to enhance their propositions through our insurer network, technology and operational and product support," they added. "At the heart of our profitable growth model stands an entrepreneurial, client focused culture of which we are proud and which serves as a solid foundation for a successful long-term future.”

Bruce said: “GRP is a unique business and I’m extremely proud to become CEO. Thank you to both Peter and David for the business they have created and the leadership they have shown. They have been pivotal in GRP reaching this landmark and as highly regarded figures in our industry, I am delighted that we will continue to benefit from their insight, knowledge and experience.

“I have a strong and experienced senior management team in Stephen Ross (Head of M&A), Phil Rock (CFO) and Clive Nathan (CEO Underwriting), who, working alongside Searchlight, share my ambition to continue to grow GRP and build on its reputation as a great business that is home to outstanding entrepreneurial talent, focused on providing superior, differentiated products and service to our clients. With Searchlight’s support, we are confident that our rapid growth will continue as we acquire further businesses that fit our culture and model. Our pipeline remains strong and undisturbed by the recent COVID-19 challenges.”

Oliver Haarmann, founding partner at Searchlight, commented: “We are excited to be partnering with Peter, David, Mike, Penta and the entire GRP team to drive the next chapter of GRP’s growth and success.”

Andrew Frey, partner at Searchlight, added: “We are pleased to complete our investment into GRP and to begin working with Mike and the management team. GRP’s differentiated ‘hub and spoke’ model and entrepreneurial, owner-driver culture has enabled GRP to build a leading market position through impressive growth. By combining local presence with deep data-driven expertise, GRP offers a better product set and a superior service to its clients. We are confident that with our deep investment, industry and operational expertise, we can accelerate the growth of the business and reinforce its position as a leading player in a highly fragmented industry.”

Steven Scott and Charles Schrager, partners in Penta Capital, said: “We are delighted with the outcome of another successful buy and build by Penta. In just over six years, with our backing, GRP’s market leading management team went from a proposal, to becoming, some 59 acquisitions later, one of the leading independent insurance businesses in the UK. We wish the team well with the next stage of their journey and are delighted to maintain a significant minority interest in the group.”